Apr 24

Economy down 1.7%, IRS Loot down 14%

Business, Economy, Taxes Add comments

The economy is down 1.74%, but IRS receipts for April are down 39%, and 14% for the year:

image thumb70 Economy down 1.7%, IRS Loot down 14%

Clearly folks aren’t paying much capital gains tax now. But that doesn’t account for it.  I think what this represents is less capital gains, unemployment, and most importantly UNDER employment. How much taxes are real estate agents paying now? Sure they have a job, but aren’t making squat. Same for framers, stucco guys and mortgage brokers. 

Will government cut spending in light of this revenue shortfall?  Hah!

2 Responses to “Economy down 1.7%, IRS Loot down 14%”

  1. TR Says:
    April 24th, 2009 at 9:58 am

    Big hole here! Average receipts indicate only ~$2.1T for $3.1T outlay (OMB) based on table above. Average receipts in Jan-Mar 2009 would drop 2009 receipts to $1.7T. Same as CBO. Gasoline and diesel tax receipts will drop a lot too.

    http://www.whitehouse.gov/omb/budget/fy2009/summarytables.html

    http://www.cbo.gov/ftpdocs/100xx/doc10069/04-2009-MBR.pdf

  2. Ken Says:
    April 24th, 2009 at 10:22 am

    So that implies a 1.4 trillion dollar deficit this year. Chump change!

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